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Petropavlovsk plans non-precious metals IPO for Oct

The Russian miner says the IPO will take place on the Hong Kong stock exchange in October pending final approval from the exchange's listing committee

Posted: Friday , 10 Sep 2010

LONDON (Reuters)  - 

Russian miner Petropavlovsk (POG.L: Quote) said it plans to list its non-precious metals division, including its iron ore operations, in an initial public offering on the Hong Kong stock exchange in October.

The division has been re-organised under a new subsidiary, IRC Ltd. It will also include the Vanadium Pentoxide joint venture, the Titanium Sponge project, infrastructure projects, and the group's interest in the Giproruda Technical Institute.

IRC will be headquartered in Hong Kong and led by Executive Chairman Jay Hambro and Chief Executive Officer Yury Makarov.

The IPO requires final approval from the Hong Kong stock exchange's listing committee.

(Reporting by Julie Crust; editing by Victoria Bryan)

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